The owner of a scenic waterfall is trying to decide whether to rent the site to a manufacturing firm as an industrial power source or to rent it to a recreational association, which would turn the site into a park and campground.
Which of the following statements is true? A) An increase in the price of fossil fuels will increase the cost of renting it to the recreation association.
B) Social welfare is maximized when the owner rents to the higher bidder.
C) The cost to the owner of renting to one or the other depends entirely upon the owner's preferences between economic growth and recreational facilities.
D) The owner can choose without regard to cost because the site is a free natural resource.
E) The owner can choose without regard to cost insofar as the waterfall is privately owned.
Question 2
A change in the slope of a budget constraint indicates:
A) a change in the price of either good that causes a change in the opportunity cost.
B) a change in the consumer's income.
C) a change in the price of either good without a change in the opportunity cost.
D) a change in the consumer's tastes and preferences.
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